Why VIP banking services aren’t just for the ultra-wealthy anymore

Dubai: Ever fantasized about having a private banker at your beck and call, offering VIP treatment usually reserved for the ultra-wealthy? You’re not alone.

Private banking, with its promise of tailored financial services and white-glove treatment, has long been a status symbol. But if you think you’re missing out, here’s the good news—you’re not.

In the past, private banks offered high and ultra-high net worth individuals personalized care in money management, with bespoke services often kept under wraps to maintain exclusivity.

However, the digital banking revolution has changed the game. Many of the perks once reserved for private banking clients are now accessible to everyday consumers, often at little to no cost.

“Aside from services like banking, investment, and advisory, there are multiple tailored perks of banking with private banks,” said Jose Paul, an Abu Dhabi-based banker with over two decades in the field. “While they come at a price, you can largely avoid them if you go about it on your own now.”

For example, private banks traditionally offered conveniences such as receiving deposits, processing payments, transferring money, and providing loans. But today, your standard bank app can do all that—and more. Gone are the days of physically visiting a bank branch to handle transactions.

With digital banking, you can deposit cheques, pay bills, and even apply for loans with just a few taps on your smartphone. Anil Pillai, a Dubai-based banking analyst, noted, “Every credit card will allow you to take a cash advance as large as a prudent banker would allow. It may be an expensive loan, but it’s often faster than even a private banker could manage.”

Private banking clients once enjoyed personalized assistance, like handling bill payments and managing logistics. But with automated payments and digital wallets, these services are increasingly redundant. Modern banking apps now ensure funds are deposited directly, bills are paid automatically, and cash is always within reach at the nearest ATM.

So what remains unique about private banks? They’ve largely shifted their focus to wealth management services for high-net-worth clients, including investment management, tax services, and estate planning. “But even here, the gap is narrowing,” Paul added. “Brokerages and fintech apps now offer similar services, often at a fraction of the cost.”

While private banks continue to cater to the affluent, the digital age has democratized many of their perks. Whether you’re managing investments, seeking a loan, or simply paying bills, the tools to replicate a private banking experience are often already in your pocket. Unless you require complex wealth management, there’s no need to feel like you’re missing out—because you aren’t.